President Biden will meet with the top four congressional leaders on the debt ceiling on Tuesday, with time running out to reach a deal to avert a default on the nation's debt.
The president is scheduled to leave for the Group of Seven summit in Japan on Wednesday morning, and he and top White House officials have said he intends to leave as scheduled.
President Biden speaks while hosting debt limit talks with congressional leaders in the Oval Office at the White House on May 9, 2023.Republicans would raise the limit on the country's borrowing authority in exchange for spending cuts, while Democrats, including Mr. Biden, want to increase the debt limit without any conditions attached. Mr. Biden insists raising or suspending the debt ceiling is Congress' responsibility to handle, while Republicans say Mr.
McCarthy has expressed that he believes an agreement needs to come together before the weekend in order to give lawmakers enough time to pass both chambers of Congress before June. On Monday, McCarthy disputed the idea that there has been progress in debt limit negotiations, telling reporters,"Nothing's moved." McCarthy is still opposed to the idea of a short-term debt limit increase.
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